Lessons From The EU-Russia Sanctions 2014-2015

Veebel, Viljar; Markus, Raul

doi:10.1515/bjlp-2015-0015

Cited by 24 publications

(13 citation statements)

References 11 publications

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“…Researchers give different definitions of economic sanctions but in general they are understood as "restrictive or prohibitive economic measures" [Davis, Engerman, 2003]. From a theoretical point of view, the purpose of sanctions is to put pressure on a country in order to make it change its policy, to restrict a country's actions and (or) send a certain message [Giumelli, Ivan, 2013;Veebel, Markus, 2015].…”

Section: Sanctions In International Practice and Their Effectivenessmentioning

confidence: 99%

“…So, the author presumes that if a problem concerns territory, safety, welfare or the political regime of a country, the sanctions will be ineffective. Veebel and Markus [Veebel, Markus, 2015] analyzed the ostensible purposes of the EU's sanctions against Russia and Russia's retaliatory measures and came to the conclusion of a low probability of the sanctions' success due to absence of a well-defined objective and insufficient political measures.…”

Section: Sanctions In International Practice and Their Effectivenessmentioning

confidence: 99%

“…Analyses of the consequences of sanctions against Russia are studied extensively by researchers from a wide variety of perspectives: description of the history of the development of the underlying conflicts and changes in the economy [Veebel, Markus, 2015], a study of the crisis as one of the factors that impeded the country's economic growth with respect to the forecasting of potential changes in macroeconomic indicators [Gurvich, Prilepskiy, 2015;Akidinova, Yasin, 2015], the influence on consumers [Nureev, Petrakov, 2015], and revealing the spheres of the biggest impact of sanctions [Portansky, 2014;Golikova, Kuznetsov, 2017]. All this demonstrates multidimensionality of influence exerted by sanctions on the Russian economy.…”

Section: Research On Sanctions Against Russiamentioning

confidence: 99%

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The Reaction of Russian Public Companies’ Stock Prices to Sanctions Against Russia

Naidenova¹,

Константиновна²

2018

КФ

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The imposition of sanctions by foreign countries against Russia since 2014 and their prolongation for the following several years resulted in significant changes in Russian economics. In the first instance, economic sanctions were aimed towards the weakening of companies by banning exports and imports of certain goods, closeout or suspension of joint venture projects, as well as limiting the provision of financing. However, one can postulate that these sanctions influenced the companies to different extents. This research offers an analysis of the changes in share prices of Russian public companies of the MICEX index in response to sanctions against Russia in 2014–2016. The research methodology is based on the event study approach, which allows estimation of a short-term response of the shares’ prices to information release. The results of this paper confirm that imposition and prolongation of sanctions resulted in a significant fall in share prices. With an average daily return on shares of the Russian stock market companies of 0.1%, a fall in return of 0.17% points per day as a result of the imposition of sanctions by the USA is economically significant. Apart from that, the sanctions influenced financially dependent companies to a greater extent. Contrary to theoretical assumptions of a greater influence of sanctions imposed by the countries with which a more close economic cooperation had been established, it transpired that the imposition of sanctions by the USA resulted in the greatest fall in prices for shares. Also, an important result indicated in this paper is the fact that imposition of targeted sanctions against certain companies has not entailed a greater impact of the sanctions on such companies. This is indicative of the ineffectiveness of targeted sanctions imposed on Russia. The influence of the government share in ownership of companies and the differences of response of the shares’ prices depending on the company industry sector have not been confirmed.

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Section: Sanctions In International Practice and Their Effectivenessmentioning

confidence: 99%

Section: Sanctions In International Practice and Their Effectivenessmentioning

confidence: 99%

Section: Research On Sanctions Against Russiamentioning

confidence: 99%

See 1 more Smart Citation

The Reaction of Russian Public Companies’ Stock Prices to Sanctions Against Russia

Naidenova¹,

Константиновна²

2018

КФ

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“…Russian approach can be rated successful both in cases when Crimea and Eastern Ukraine will not be returned under Ukrainian governance or when the Ukrainian economy will completely collapse by causing public riots and political instability. Accordingly, when Ukraine and the EU need for success an actual change in terms of territorial integrity, Russia can also be satisfied with the existing status quo (Veebel & Markus, 2015).…”

Section: The Sanctions and Countermeasures Of Opposing Sidesmentioning

confidence: 99%

Forcing Russia to Respect Minsk Protocols with dollar auction-game model

Veebel

Markus

2018

Journal of International Studies

Self Cite

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Four years of active international sanctions against Russia have brought no signs of visible progress, neither in terms of respecting Ukrainian territorial integrity or the agreements of Minsk and Sevastopol, nor in terms of Putin's regime leaving power. The EU-US negative conditionality (sanctions) against Russia seems to be losing its momentum despite new measures taken and prolonged in 2017. Russia's annexation of Crimea as well as the separatist control across the strategically important industrial and resource rich cities of the Eastern Ukraine has not been effectively dealt with. Accordingly, in many aspects the situation meets Russian expectations to retain the occupied territories and wait for the softening of international reactions. Thus, there are good grounds for inquiring into the possibility of the West taking control over the situation in Ukraine and ending the geopolitical power struggle in the region. It is in this context that the game theory, and particularly the "dollar auction game" strategy, offer an intriguing insight into the dynamics of the escalation of the conflict and a dynamic model, thereby showing some future-oriented alternatives of how to get out of the crisis before the costs become excessive for all the "players" involved.

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“…Many of them have proposed some useful solutions to prevent further escalation of the conflict (Motyl, 2014;Wilson, 2014;Alexandrova-Arbatova, 2015;Crosston, 2015;Tsygankov, 2015;Veebel, 2015;Haukkala, 2016). However, immediate events have enjoyed significantly more attention than their wider implications, calling for a deeper analysis.…”

Section: Introductionmentioning

confidence: 99%

Russia and Carl Schmitt: the hybridity of resistance in the globalised world

Kurylo

2016

Palgrave Commun

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The rise of state dissidence has challenged the hegemony of Western liberalism on the international relations stage. Russia's ongoing involvement in the Ukraine crisis is a case in point. Russia's dissidence threatens not only the already fragile European order, but also the potency of liberalism as a system of international norms. Hence, a great deal of attention has been given to trying to determine the possible failures and solutions of global governance in dealing with Russia. In contrast, this article argues for the need to understand state resistance from the perspective of the dissenting state. By drawing upon Carl Schmitt's influential critique of globalizing liberalism, the article attempts to analyse what Russia's resistance reveals about the subtle mechanisms of global liberal governance. On the basis of Schmitt's theory, the article establishes that Russia's dissidence can be an attempt to preserve state sovereignty and its unique "way of life", as well as state pluralism on the global arena. In fact, to eradicate conflict, liberal governance attempts to suppress state pluralism as a potential cause of conflict. In the long run, however, this risks provoking radical resistance in response. The article then analyses the "hybrid" strategy of Russia's resistance employed in the Ukraine crisis, based on which it identifies the major weaknesses of liberal governance. The article concludes that the inadequacy of international law to deal with unconventional forms of warfare and refusal to acknowledge the possibility of animosity can significantly debilitate liberal governance. This article is published as part of a collection on global governance.

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Lessons From The EU-Russia Sanctions 2014-2015

Cited by 24 publications

References 11 publications

The Reaction of Russian Public Companies’ Stock Prices to Sanctions Against Russia

The Reaction of Russian Public Companies’ Stock Prices to Sanctions Against Russia

Forcing Russia to Respect Minsk Protocols with dollar auction-game model

Russia and Carl Schmitt: the hybridity of resistance in the globalised world

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